Approval of proposal by China Investment Corporation

The following press release was published by the Board of Governors of the Federal Reserve System on Aug. 31, 2010. It is reproduced in full below.

The Federal Reserve Board on Tuesday announced its approval of the application by China Investment Corporation, Beijing, People's Republic of China, to acquire indirectly up to 10 percent of the voting shares of Morgan Stanley, New York, New York.

Attached is the Board's Order relating to this action.

Source: Board of Governors of the Federal Reserve System